Slides
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QUARTERLY PRESENTATION 2Q 2026
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THIS IS ICELANDIC SALMON Icelandic Salmon AS is listed on the Euronext Growth market in Oslo, and NASDAQ First North in Reykjavik. The company is the sole owner and parent company of Arnarlax ehf. All operational activities of the group are performed in Arnarlax ehf. Arnarlax – Sustainable Icelandic Salmon is the common brand for all operational activities and products from Icelandic Salmon Four smolt facilities, Current capacity is sufficient for 25-30 thousand tonnes harvested volume Farming in eight sites in three fjords All production ASC** certified Total MAB 23,700 tonnes Harvesting plant in Bíldudalur BRCGS* certified 30,000 tonnes per year capacity Sales by internal team Domestic and global markets Note: *BRCGS = Brand Reputation Compliance Global Standards | **ASC = Aquaculture Stewardship Council
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3S U S T A I N A B I L I T Y – I T ’ S I N O U R N A T U R E -2,09 -2,48 0,70 -0,02 -0,59 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operational EBIT (EUR/kg.) 4,0 3,8 3,8 3,7 5,5 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Harvest (Thousand tonnes gw) High harvest volume and good underlying performance ▪ Harvested 5.500 tonnes and operational EBIT of EUR 3.2m loss for second quarter, improving from 4.000 tonnes and EUR 8,3m loss in the same period last year ▪ Profitability was negatively affected by biological challenges mainly affecting one production site, which was fully harvested during the period. — Resulted in extraordinary expenses of EUR 2.2m in Q2 (EUR 3.0m YTD). ▪ Despite challenges the performance improved YoY — Supported by better price achievement, a lower cost base and improved utilization of production infrastructure. ▪ Overall satisfying biological performance in sea, with good production through ▪ Underlying performance continues to improve, supported by a stronger biological situation compared to Q2 2025. ▪ Good performance in smolt production ▪ Arnarfjordur Licence of 10.000 tonnes MAB was renewed KEY RESULTS (EURm) 2Q 2026 2Q 2025 YTD 2026 YTD 2025 Operating income 39.9 25.0 66.8 35.5 Operational EBIT -3.2 -8.3 -3.3 -11.3 Harvest volume (‘000 tgw) 5.5 4.0 9.2 5.1 Operational EBIT/kg (EUR) -0,59 -2,09 -0,36 -2,23 Production tax 1.5 1.4 2.7 1.7
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4S U S T A I N A B I L I T Y – I T ’ S I N O U R N A T U R E 147 147 127 123 273 270 31.3.2026 30.6.2026 Assets (EURm) Fixed assets Current assets 119 112 12 12 131 124 31.3.2026 30.6.2026 NIBD incl. leasing (EURm) NIBD Leasing 44% 43% 31.3.2026 30.6.2026 Equity ratio (%) 128 127 26 27 153 154 31.3.2026 30.6.2026 Liabilities (EURm) Current liabilities Non-current liabilities Group balance ▪ Total assets decreased by EUR 3m to EUR 270m ▪ Equity ratio decreased from 44% to 43% ▪ Fair value adjustments of EUR 1.9m ▪ Net interest-bearing debt inc. leasing was EUR 124m ▪ Available liquidity was EUR 46m
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5S U S T A I N A B I L I T Y – I T ’ S I N O U R N A T U R E 118,8 111,9 11,9 11,9 130,6 -0,1 +0 -11,2 +1,1 +2,3 +1 123,7 NIBD + leasing 31.03.26 EBITDA Taxes paid Working capital Net investments Net interest Leasing & other NIBD + leasing 30.06.2026 Change in NIBD incl. leasing - QoQ (EURm) Net interest -bearing debt ▪ NIBD Incl. Leasing decreased by EUR 7m — NIBD decreased by EUR 7m — Leasing remained at same level QoQ ▪ Positive operating profit in the quarter of EUR 0.1m, supported cash flow ▪ Production tax for H1 payable in August ▪ Harvest volume of 5.500 tonnes supported cashflow and lowered NIBD through working capital ▪ CAPEX investment amounted to EUR 1.1m — CAPEX investment YTD reached EUR 1.6m
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6S U S T A I N A B I L I T Y – I T ’ S I N O U R N A T U R E 89% Sales and market update ▪ Improved market price, EUR 0.58/kg higher than Q2 2025, weighted by own volume. ▪ Share of volume to North America increased from 10% in Q1 to 16% in Q2 – driven by more 6+ kg fish available. Tariffs holds US market back ▪ Share of volume to Asia increased from 14% in Q1 to 19% in Q2 – driven by more 6+ kg fish available ▪ Contract share was 6% for Q2 ▪ Increased trade sales 6
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7S U S T A I N A B I L I T Y – I T ’ S I N O U R N A T U R E Outlook ▪ Volume guidance 2026 unchanged at 21,300 tonnes ▪ Lower cost level expected in Q3 2026 compared to Q2 2026. This reflects the good performance of the 2025 generation, which will start harvesting in Q3. ▪ Expect better MAB utilization in 2026, with overall a positive cost effect ▪ Contract share expected at 10% for FY 2026 ▪ Tariffs into the US market reduced to 0% ▪ Continued work on 10.000 tonnes license in Isafjordur ▪ Uncertainty about framework for the aquaculture industry — Proposed new aquaculture law was not approved — Continued uncertainty about regulatory framework for the industry — Excessive, non-sustainable tax level — Growth plans to 26.000 tonnes put on hold, and decreased CAPEX, due to uncertainty in future regulatory framework — Still strong believers in farming in Iceland, contingent on reasonable and predictable regulatory framework
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8S U S T A I N A B I L I T Y – I T ’ S I N O U R N A T U R E Thank you for your attention Please “Raise hand” in Teams, or type in the chat, to ask questions for the Q&A session For more information, please visit www.arnarlax.is